On November 18th, MakerDAO is transitioning away from Single Collateral DAI toward Multi Collateral DAI. MCD introducing new features and collateral types to MakerDAO. Here’s what you need to know:
If you’re a lender, you don’t have to do anything. We will be opening a new lending pool for DAI, but you can keep your assets in SAI. If the rates for DAI become more attractive than SAI, we will be facilitating conversion through the UI without requiring you to withdraw your assets.
When you’re ready to convert, just press a button and it will happen in a single transaction.
After global settlement, we will be phasing out SAI from the user interface as a unit of account. The positions will continue operating for as long as there is lending and exchange liquidity. If we see that the volume of the positions is coming close to exceeding what exchange liquidity for SAI can support, the positions will cease being perpetual and expire on their next rollover date.
We are adding a UI element visible only to those with collateral denominated in SAI, allowing these borrowers to convert SAI into DAI with a single transaction. SAI borrowers will continue being able to pay back their loan in SAI, and will also be able to pay back their loan in DAI.
Borrowers can convert SAI into DAI with a single click!
Our main goal is to make this transition as seamless and smooth for our users as possible.